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Marathon Oil cuts capex again, now $1.1B below original plan

Apr. 08, 2020 7:45 AM ETMarathon Oil Corporation (MRO) StockMROBy: Carl Surran, SA News Editor14 Comments
  • Marathon Oil (NYSE:MRO) cuts its 2020 capital spending outlook for the second time in a month, now expecting to spend ~$1.3B, $600M below its estimate provided last month and $1.1B lower than its original $2.4B forecast.
  • The revised capex plan represents about half the company's spending from a year ago.
  • Marathon says it will suspend drilling activity in Northern Delaware, in addition to previously announced actions to fully suspend Resource Play Exploration and Oklahoma activity.
  • The revised plan includes "frac holidays" in the Bakken and Eagle Ford during Q2 before the company transitions to a lower and more continuous drilling and completion program during H2 2020 in both basins.
  • MRO +4.6% pre-market.

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